alongside New under Commission on the sub-menu on the left. Additional options will be displayed.This report displays trust amounts received per broker and per beneficiary and the commission payable for a specified period.
Note:
For ABSA, commission is not paid by the fund. A portion of the Administration Fee received by ABSA Trust is paid out of ABSA Trust’s bank account.
To enable the commission to be calculated and recorded on the system so that it can be reported, the Acceptance Fee will be split into the ABSA Trust’s portion and the Commission portion.
The Commission portion will be recorded in the Fee Payable account so that it is included in the payment made to ABSA Trust but can also be extracted for the purposes of the Commission Report.
This will be achieved by simply changing the Accounting Rule for the MEM COMM and MEMCOMMREV Accounting Activities as follows:
|
BENEFICIARY INV |
MEM COMM |
MEMBER |
DR |
CONTRIBUTION |
|
|
|
|
CR |
MEM DEPOSIT |
|
|
|
FUND |
DR |
FEEEXPENSE |
|
|
|
|
CR |
FEEPAYABLE |
|
MANUAL INITIATE |
MEMCOMMREV |
MEMBER |
DR |
MEM DEPOSIT |
|
|
|
|
CR |
CONTRIBUTION |
|
|
|
FUND |
DR |
FEEPAYABLE |
|
|
|
|
CR |
FEEEXPENSE |
Note:
Commission reversed in the Benefit Payments Process is offset. For more information refer to
Processes
Benefits (All Products)
Commission Claw Back and Refund of Future Premiums
From the Beneficiary Fund menu, click alongside New under Commission on the sub-menu on the left. Additional options will be displayed.
Click New below Commission. The Commission Report screen will be displayed.
Capture or select the relevant details as follows:
|
From Date |
The start date of the period. |
|
To Date |
The end date of the period. |
|
Included Year to Date |
A tick in the box indicates that year to date must be included. |
|
Broker |
Select an Intermediary linked to the scheme from the drop-down list. |
|
Previous Administrator |
Select a Participating Employer linked to the scheme from the drop-down list. |
|
Reference Number |
The Trust Number of the member. |
|
|
The email address to which the extract must be sent. |
Click GENERATE REPORT.
The current report detail will be displayed on the lower portion of the screen.
A message will indicate once the job has been successfully submitted (and an e-mail will be sent to the e-mail address provided).
Capital Amount
The system will retrieve the Business Transactions from the Members’ CONTRIBUTION account with the Accounting Activity MEM CONTRIB and for which the Transaction Date is less than or equal to the To Date and greater than or equal to the From Date.
The system will read the Accounting Activity Association with a Purpose Type of COMM REPORT and retrieve the Business Transactions with the Accounting Activities associated to MEM CONTRIB.
The Business Transactions for each Membership will be summed.
For each of the Memberships for which a Business Transaction was retrieved, the system will find the Participating Employer (Previous Administrator) to which the Membership is linked via Pay Centre (Previous Fund), and the Intermediary linked to the Membership. The system will find the Membership with a Status of DECEASED to which the Membership is linked.
The Business Transactions for the Memberships linked to the same Intermediary and Participating Employer (Previous Administrator) will be summed.
Commission
The system will retrieve the Business Transactions from the Members’ CONTRIBUTION account with the Accounting Activity MEM COMM and for which the Transaction Date is less than or equal to the To Date and greater than or equal to the From Date.
The system will read the Accounting Activity Association with a Purpose Type of INFLOW REPORT and retrieve the Business Transactions with the Accounting Activities associated to MEM COMM.
The Business Transactions for each Membership will be summed.
For each of the Memberships for which a Business Transaction was retrieved, the system will find the Participating Employer (Previous Administrator) to which the Membership is linked via Pay Centre (Previous Fund), and the Intermediary linked to the Membership. The system will find the Membership with a Status of DECEASED to which the Membership is linked.
The Business Transactions for the Memberships linked to the same Intermediary and Participating Employer (Previous Administrator) will be summed.
Number of Trusts
The system will count the number of Membership records for which a Business Transaction was retrieved and linked to the same Intermediary and Participating Employer (Previous Administrator).
If a Broker has been selected then only the Business Transactions for the Members linked to the Broker (Intermediary) selected will be retained.
If a Previous Administrator has been selected then only the Business Transactions for the Members linked to the Participating Employer selected will be retained.
If a Membership Reference Number has been captured then the Business Transactions with the Membership Reference Number captured will be retrieved.
If the value for Include Year to Date is Y, then the system will read the Financial Year-End on the Scheme Details and:
- Retrieve the Business Transactions as per above but for which the Transaction Date is less than or equal to the To Date and Greater than the last Financial Year-End.
- For each of the Memberships for which a Business Transaction was retrieved, the system will find the Participating Employer (Previous Administrator) to which the Membership is linked via Pay Centre (Previous Fund), and the intermediary linked to the Membership.
- The Business Transactions for the Memberships linked to the same Intermediary and Participating Employer will be summed.
- The Commission calculated for the Memberships linked to the same Intermediary and Participating Employer will be summed.
The system will count the number of Membership records for which a Business Transaction was retrieved and linked to the same Intermediary and Participating Employer. If any criteria have been selected / captured for the report, then only the Business Transactions for the Memberships linked to the selection criteria as per above will be included.
Each of the totals per Participating Employer will be summed i.e. each of Total for period, Number for period, Total Year to Date and Number Year to Date per Broker will be summed.
Click View below Commission. The Report Selection screen will be displayed.
The following columns are displayed:
- Scheme Code
- Timestamp
- Date Captured
- Report Type
- Sequence Number
- Action
To select a report, click on the hyperlinked display in the Action column alongside the appropriate report.
The Report Selection screen will be displayed.
The following columns are displayed:
- Broker Code
- Broker Name
- Previous Administrator
- Previous Fund
- Trust Number
- Trust Name
- Beneficiary Number
- Capital Amount
- Commission Amount